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BHPBil -response to tribunal applications decision
BHP Billiton welcomed the Australian Competition Tribunal's decision to reject the application for declaration of its Newman rail line while expressing its disappointment at the tribunal's decision to grant declaration of BHP Billiton's Goldsworthy rail line under Part IIIA of the Trade Practices Act. The company' rail infrastructure in Western Australia is fundamental to its integrated mine, rail and port production process for its world class Iron Ore operations.
Following the Tribunal's decision, access seekers may now negotiate with BHP Billiton for access to the Goldsworthy railway. These negotiations, and the availability and terms of access, would be governed by the Part IIIA statutory framework, and either the access seeker or BHP Billiton could refer disputed matters to the ACCC for arbitration. The outcome of this process would govern whether access would be provided and on what terms. BHP Billiton will review the Tribunal's Goldsworthy decision. The company is entitled to appeal the decision via the Full Bench of the Federal Court of Australia.
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BHP - amendment of royalties and state agreements
BHP Billiton today announced that it had signed a non-binding Heads of Agreement with the Government of Western Australia to amend Iron Ore royalty rates payable to the State effective 1 July 2010. Based on this agreement, the State will proceed with amendments to the State Agreement Acts covering operations managed by BHP Billiton, to require payment of royalties on iron ore shipments at the rates specified in the WA Mining Regulations. Royalty rates will increase from 3.75 per cent of sales revenue to 5.625 per cent for Fines and from 3.25 per cent to 5.0 per cent for Beneficiated Ore. The Lump royalty will be 7.5 per cent, which is already the prevailing rate for most of the Lump ore produced from projects managed by BHP Billiton. The rates as amended will apply to all existing operations and future projects covered by the State Agreements.
Additionally, BHP Billiton and the Government of Western Australia have agreed to make amendments to various State Agreements to:
- Permit sharing of infrastructure and blending of products across the networks operated by BHP Billiton and Rio Tinto.
- Modernise other provisions of the State Agreements.
These changes to the State Agreements will enable BHP Billiton's existing iron ore operations to operate more efficiently. They will also help facilitate the proposed West Australian Iron Ore Production Joint Venture between BHP Billiton and Rio Tinto, which is still subject to approval from regulators and shareholders. While the State Agreement modifications relating to infrastructure and modernisation are not conditional upon the finalisation of the Production Joint Venture, the resulting flexibility to blend product and share infrastructure would facilitate the capture of synergies which are the main driver for the Production Joint Venture proposal.
The proposed removal of historical royalty concessions has been subject to discussions with the State Government for some time. In recognition of this, and as a way of sharing the value that the variations to the State Agreements are expected to generate, the parties to the relevant State Agreements will make a contribution totalling AUD350 million to the consolidated revenue of the State. The State Agreement modifications relating to infrastructure sharing and modernisation are subject to the approval of co-venturers under BHP Billiton's existing joint venture arrangements, and the passage of ratifying legislation by the Western Australian Parliament. Further information on BHP Billiton can be found on our Internet site: www.bhpbilliton.com.
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BHPBill notice of dividend and AGM dates
The proposed dates for the 2010 final dividend and 2010 annual general meetings of BHP Billiton Ltd and BHP Billiton Plc are as follows:
- Preliminary results announcement and dividend declaration: 25 August 2010
- Last day to trade and currency conversion into RAND on JSE Ltd: 3 September 2010
- Ex-dividend date: 6 September 2010
- Payment date: 30 September 2010
Please note BHP Billiton Plc shareholders registered on the South African section of the register will not be able to dematerialise or rematerialise their shareholdings between the dates of 6 and 10 September 2010, nor will transfers between the UK register and the South African register be permitted, between the dates of 3 and 10 September 2010.
Annual general meetings
The 2010 AGM of BHP Billiton Plc will be held in London on Thursday, 21 October 2010 at 11.00am.
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